Pune Real Estate Market Archives

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Located in south-eastern peripheries of Pune, Undri was once a small and unremarkable village outside the Pune municipal corporation limits. After opposition from residents regarding merging of Undri into the Pune Municipal Corporation (PMC) in 1997, it was demerged in 2002.

In 2017, Undri came under the purview of the Pune administrative authority – Pune Metropolitan Region Development Authority (PMRDA). Many residents of the region, whose primary occupation was agriculture, sold their land parcels to private real estate players, thus paving the way for rapid growth of residential and commercial developments in Undri.

Surrounded by micro-markets such as Hadapsar, Pisoli, and Handewadi, Undri offers relatively serene surroundings with thick green cover. It has good social infrastructural facilities including educational institutions, healthcare facilities, and entertainment options.

Various IT-ITeS establishments including Magarpatta City in Hadapsar, Eon Free Zone in Kharadi and SP Infocity in Phursungi have created massive residential demand in and around the regions, eventually hiking property prices in these areas.

Undri caught the spill-over demand from these nearby markets with its relatively lower property values.

Anuj Puri, Chairman – ANAROCK Property Consultants

Ready Reckoner (RR) rates indicate the value of land or residential and commercial properties of an area determined by the state government and are published annually.

RR rates vary as per the area under consideration and the available infrastructure facilities. They have an impact on the stamp duty on property transactions, and concurrently on the revenue mop-up of the state government.

They also directly impact the market value of the properties. Change in the RR rates also influences the real estate construction cost and additional charges towards any transaction.

Pune’s RR Rates

The RR rates of Pune are proposed to be hiked by 3% this year, and the final announcement is expected to come by April 1, 2018.

The proposed hike is marginal compared to the previous years – the rates were increased by 13% in 2010, in 2011 by 27%, in 2012 by 17%, in 2013 by 12%, in 2014 by 13%, in 2015 by 15% and in 2016-17 by 7%.

As per the governing authority, the hike was based on detailed surveys undertaken by the town planning department.

Undri, Pune – from Nondescript Hamlet to Residential Hotspot

Why Pune Can’t Afford Hiked Ready Reckoner Rates